All Pensions articles – Page 16
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Case StudiesBenefits offered by Murphy Group
The benefits on offer at construction and civil engineering business Murpy Group:Pension and group riskThree pension schemes including a trust-based defined contribution scheme and two master trusts. Employer contributions range from the minimum of 3% through to 12% depending on role, scheme and personal choice.Life insurance for all employees, employer-paid. ...
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AnalysisWhat impact is the war in Ukraine having on benefits strategies?
Employee support during the war in Ukraine might include evacuating staff and providing flexible, practical support for those directly affected.Organisations should also remember the importance of mental health support for all employees, including senior managers.In addition to day-to-day considerations, businesses should understand the wider ramifications of world events on other ...
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ArticleUK workplace pension participation up to 79% in 2021
The Office for National Statistics (ONS) has revealed that the workplace pension participation rate in the UK was at 79%, the equivalent of 22.6 million employees, in April 2021.This was a slight increase from 78% in 2020, which the ONS said could be partly be explained by increased public sector ...
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OpinionCharlotte Clewes?Boyne: The consultation on the draft pensions dashboard regulations
The pensions dashboards project, spearheaded by the Department for Work and Pensions (DWP), is gaining pace, designed to give people more control over their pensions. The cost of building the central infrastructure will be borne by the government, but there will also be a cost to employers. It is worth ...
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ArticleApp Drivers and Couriers Union to take action against Uber's pension
The App Drivers and Couriers Union (ADCU) has commenced legal action after representatives wrote to Uber to request that the pension provision arranged for drivers be made Sharia compliant.Sharia compliance requires that pension funds should not be invested in businesses involved in activities not accepted by Islam, such as the ...
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Case StudiesITM switches to master trust to ease burden and boost engagement
Independent data consultancy ITM switched from a group personal pension (GPP) to a Cushon master trust in January 2021.Hilary Chapman, head of HR at ITM, says: “We previously had a GPP and were looking to move from our previous pension provider because of issues with administration and lack of member ...
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AnalysisAre master trusts the future of pensions?
Need to know:Master trusts offer a cost-effective solution that harnesses economies of scale and relieves employers of a growing regulatory burden around pensions.Many are using technology to forge ahead with developments such as open banking, and flexible drawdown.Value-added services can help employees build financial resilience in the short-term, as well ...
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OpinionDaniela Silcock: Why master trusts have become the pension destination of choice
Master trusts have come into their own over the past 10 years. From a niche arrangement pre-automatic enrolment, master trusts have become the pension scheme type into which 84% of employees are enrolled.Pensions Policy Institute (PPI) modelling expects that out of around 15 million active defined contribution (DC) pension savers ...
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ArticleGusto Italian expands financial wellbeing package
Casual dining restaurant group Gusto Italian has partnered with automated cloud payroll software provider PayCaptain, as part of a push to get financial wellbeing and awareness higher on its 600 employees' agendas.As a result of the partnership, employees are now able to access pay on demand. This includes wage advances, ...
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ArticleSeven out of 10 employers actively promoting pensions to younger employees
Employee Benefits poll: More than seven out of 10 employers are already actively promoting their pensions to younger employees, and many more intend to do so in the future.More than 71% of respondents to an online survey said they were actively engaging younger employees in pensions through targeted communications. A ...
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ArticleTFL pensions review recommends maintaining current scheme
Photo: Transport for LondonThe Independent review into Transport for London (TFL)’s pension scheme led by former trade union official Sir Brendan Barber has suggested that TFL maintains the current final salary scheme with no changes.The government instructed TFL to set up a pensions review as part of conditions it attached ...
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ArticleScottish university staff strike in pensions and pay row
Staff employed at several Scottish universities have begun five days of strike action this week as part of an ongoing dispute over pensions, pay and working conditions.This is the third round of industrial action from University and College Union (UCU) members this academic year over these issues.According to the union, ...
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Article58% of single female staff ineligible for automatic pension enrolment
More than half of single working mothers (58%) are ineligible for automatic enrolment into a workplace pension, according to new survey findings, which is an increase from 45% in 2020.The research, conducted by pension provider Now: Pensions and The Pensions Policy Institute to coincide with National Single Parent Day (21 ...
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OpinionTim Middleton: Employers can provide constructive support for early retirement
During the heyday of the final salary pension scheme about 40 years ago, early retirement was a common phenomenon. Early retirement was typically triggered by redundancy. An employer would augment an employee’s pension entitlement, and paid employment would come to an abrupt, if not unwelcome, end from the age of ...
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AnalysisTop tips for supporting staff around early retirement
Four factors now typically determine when someone chooses to retire: their ability to fund their lifestyle without work; their appetite for a life without work; their inability to secure employment, and their health, with the latter two sometimes forcing their retirement.If employees choose to take a tax-free lump sum as ...
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Case StudiesUniversity of Lincoln supports staff with retirement planning
The University of Lincoln employs more than 2,000 workers in a range of both academic and professional roles and is one of the largest employers in the city of Lincoln.The university acknowledges that in academia, people can, and often do, work into their later years, and often receives requests from ...
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Poll: Do you actively engage younger employees in pensions through targeted communications?
Take part in our latest readers’ poll on a current topical issue. Many (82%) young employees aged between 18 and 22 revealed that they want to start saving for their pensions and retirement before the current default age of 22. In light of this, do you take a targeted approach ...
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OpinionDale Critchley: Saving for a brighter retirement; how to engage employees with their pension now
Getting employees to think about their retirement savings can be tricky, and employers may struggle to make pensions exciting but there are ways to get employee's attention. After all, people do care about their finances and their future.A great way to capture the interest of employees is to let them ...
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ArticleHermes UK introduces pension scheme in rebrand
Delivery firm Hermes UK has announced that as part of a rebrand it will auto-enrol its self-employed plus (SE+) couriers into a pension scheme by the end of this year.The organisation, which employs more than 30,000 UK couriers, has rolled out a new logo and brand identity - ‘Evri’ - ...
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ArticleGender pensions gap increases for older staff
New research has found the gender pension gap between men and women’s contributions is 35% for employees aged between 50 and 54, almost double the gap for 35 to 39 year-olds (18%).Pension and insurance provider Aviva’s findings were based on employer and employee contributions of more than two million savers ...